Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Earnings Recession Continues: Financial conditions have begun to tighten again, raising the odds of a 2023 recession.
  
• Market View — The War in Ukraine: Some Consequences for the Financial Markets One Year On: In the case of the Ukraine-Russian conflict, think higher levels of global inflation, more state intervention, a more fragmented global economy, rising U.S. tensions with China, and complex/structural shifts in the global energy markets.
  
• Thought of the Week — Sustainable Investing: Trends to Watch in 2023: The outlook for alternative energy should continue to gather momentum.